22 Maret 2024, USD/JPY
Event to watch out for today:
15:00 EET. USD - Fed Board of Governors Chairman Jerome Powell to deliver a speech
USDJPY:
The Japanese yen showed a sharp intraday reversal on Thursday and returned to the YTD low reached the previous day, although it lacked support amid uncertainty over the Bank of Japan's (BoJ) future policy moves. Earlier this week, the central bank said financial conditions would remain accommodative and offered no guidance on the pace of policy normalization. That said, a source at the BoJ told the Nikkei newspaper that the early rate hike leaves room to consider another increase before the end of the year.
In addition, data released this Friday showed that Japan's consumer inflation is still well above the Bank of Japan's 2% annualized target. In addition, the positive results of Japan's spring wage negotiations showed that most companies agreed to union demands for wage increases, which is expected to push up inflation in the coming months and support the prospects for further policy tightening by the Bank of Japan. This, in turn, contributed to the yen getting a dip buying opportunity in the Asian session amid speculation that the Japanese authorities will intervene in the markets to support the national currency.
Trading recommendation: Trade with buy orders when the price reaches 151.75. Sell at the price level of 151.20.
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